The United States has reached an agreement with the United Kingdom to lift tariffs imposed on British pharmaceutical products in exchange for a 25% price increase for medicines in the UK.
According to the US government, the agreement aims to ensure that "American patients do not pay exorbitant prices for their medicines to support the health systems of other developed countries," White House Trade Representative Jamieson Greer said in a statement.
The price increase applies to new medicines deemed "innovative" and to purchases by the National Health Service (NHS), Britain's public health service. London has pledged, according to a White House statement, not to offset this price increase by reducing the prices of other products on pharmaceutical companies' lists.
In return, Washington has lifted the tariffs on pharmaceutical products imported from Britain, which had been in place since October when Washington imposed tariffs on these products exported to the US from all other countries. The United States has also committed to not imposing any new tariffs in the future.
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